Catena Media

Erik Edeen named Catena interim CFO amid asset sale speculation

Catena Media has confirmed Erik Edeen as interim Chief Financial Officer (CFO), replacing the outgoing Peter Messner and marking his second tenure in the role.

Edeen first served as Catena CFO between 2019 and 2020, and has acquired 16 years experience of financial management with both private and public corporations such as ICA Gruppen AB and Investor AB.

A graduate from Uppsala University, Edeen will assume his interim duties on 22 May before Messner leaves the company in June following completion of a handover period, having held the role since April 2020.

Catena Media CEO, Michael Daly, said: “I’m excited to welcome Erik as our interim CFO. His long professional career and past experience of Catena Media will make him a valuable member of the executive management team.”

Edeen reassumes the role of Catena’s interim CFO as the company continues to evaluate potential divestment and sale options, having hired Carnegie Investment Bank as a financial advisory to assist with strategic evaluations earlier this year.

Stockholm-based and Nasdaq-listed Catena stated at the time that unnamed third parties had ‘shown interest in acquiring certain assets, including all the remaining assets of the group’.

The company closed 2022 by selling its AskGamblers.com brand to Gaming Innovation Group (GiG) for €45m, including the JohnSlots.com and NewCasinos.com casino assets.

As it stands, the group retains an affiliate media portfolio of LegalSportsReport.com; TheLines.com; Lineups.com; GamingToday.com; PlayNY.com and NYSportsDay.com.

It is unclear which firms or private investors could be seriously considered as a prospective buyer of Catena or any of its properties, although Better Collective did acquire a small 5% share in the firm earlier this year.

Catena’s last trading update saw full year revenue for 2022 stand at €110.1m (2021: €102.8m) and Q4 revenue of €27.4m (Q4 2021: €23.8m), an increase of 7% and 15% respectively, although its strategic review of its business continues.

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